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Bitcoin (BTC) Price Prediction: BTC/USD Surges Ahead as Buyers Recoup Above $40k

Bitcoin Holds Crucial Support as Buyers Recoup Above $40k

After breaking beneath the 50-day SMA, BTC/USD fell to $40,255 low as patrons recoup above $40k. Yesterday, the bears retested the $40,000 worth degree twice earlier than they had been repelled. However, for the previous 48 hours, patrons have been defending the $40,000 worth degree. The bears had been repelled as the crypto resumed fluctuation between $40,000 and $44,000 worth ranges.

Resistance Levels: $50,000, $51,000, $52,000
Support Levels: $40,000, $39,000, $38,000

BTC/USD – Daily Chart

Bitcoin bulls have resumed an upward transfer as the $40,000 psychological worth degree holds. From each indication, sellers are extra advantageous than patrons as Bitcoin falls within the bearish development zone. Firstly, the bears broke the earlier low of $43,220 as the coin fell to the low of $40,255. Sellers tried twice to breach the $40,000 help however the bulls purchased the dips. On the draw back, if the bears break the $40,000 help, BTC worth will fall to $36,000 Low. Subsequently, the market will decline to $30,500 low. Conversely, if the bulls defend the $40,000 help and worth rebounds, patrons will try to push the crypto to the $50,000 excessive.

Bitcoin Falls Below $40,000 and Bounces Back, Creating “Extreme Fear”

From the value motion, BTC’s worth has slumped beneath $40,000 for the primary time in six weeks. Immediately, the crypto bounced again to the earlier worth degree. Some analysts consider that Bitcoin is ordained for six figures if the present help at $40,000 holds. Other analysts consider that the bear cycle is imminent. Presently, Bitcoin has recovered as it trades above $42,000 excessive. According to the Crypto Fear and Greed Index, the bearish worth motion has coincided with sentiments of “extreme fear” throughout the market. The metric has signaled an “extreme greed” index a couple of month in the past.

 Bitcoin (BTC) Price Prediction: BTC/USD Surges Ahead as Buyers Recoup Above $40k
BTC/USD – 4 Hour Chart

From the value motion, the $40,000 help is holding as patrons recoup above $40k. Bitcoin bulls have proven power above the present help as the market reaches the excessive of $43,000. BTC worth will probably be out of downward correction if patrons push Bitcoin above $47,000 excessive. This will sign the resumption of upside momentum. However, if BTC worth faces rejection on the current excessive, the promoting strain will resume.

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Read extra:
•              How to purchase Bitcoin
•             How to purchase cryptocurrency

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